It COULD work if they implemented a FF12 style AI system, where you customize how ai behaves in certain scenarios.
This Mod isn't balanced (too fast) enough to work for having more than one playable character to make the import critical actions.
I don't think it could work, the amount of wacky shit you can come up in combat is way, way higher than ff12, i don't think you can program the ia with all the possible variables and expect to be any good.
Also, the game make a large use of separating the team to place them in strategic places before the fight even start, that would go out of the window with a real time system i think, but this would be probably the easiest thing to fix (really not sure).
Yeah, i just don't see it without dumbing down the combat to mostly hack and slash, some fireball in the mix and maybe some easy to do interaction like throwing thunders on water or shit like that, and if you slow it down, is it really real time anymore?
Anything more elaborate than that would be highly impractical with enemies constantly moving etc.